Argus lowered the firm’s price target on ADP (ADP) to $240 from $300 and keeps a Buy rating on the shares. The stock has underperformed the market over the past three months but business is fine, with the company reporting Q3 EPS rising 10% from last year and topping consensus estimates, the analyst tells investors in a research note. Valuations are also reasonable for ADP as overall employment growth slows, the firm added.
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